limit order

[mballagan]

I have a system where a trade entry is triggered and a limit buy order is placed at open of next bar + 4 tics. If the price retraces to a certain price I want to cancel the limit order. How would I code this?

[NinjaTrader_JoshP]

mballagan,

To cancel orders you want to use CancelOrder() on the IOrder for the order. http://www.ninjatrader-support.com/H...ncelOrder.html

[mballagan]

limit order

Thanks for the info.

If we look at the sample code:

private IOrder myEntryOrder = null;
private int barNumberOfOrder = 0;

protected override void OnBarUpdate()
{
// Submit an entry order at the low of a bar
if (myEntryOrder == null)
{
myEntryOrder = EnterLongLimit(0, true, 1, Low[0], "Long Entry");
barNumberOfOrder = CurrentBar;
}

// If more than 5 bars has elapsed, cancel the entry order
if (CurrentBar > barNumberOfOrder + 5)
CancelOrder(myEntryOrder);
}

After the CancelOrder will myEntryOrder == null?

[NinjaTrader_JoshP]

No. It will be in a PendingCancel or Cancelled state. You have to set it to null yourself (likely in OnOrderUpdate()).

[mballagan]

limit order

In the following code snippet I enter a longlimitorder:

if(LongTrigger && CurrentBar == longorderbar)
{
LongOrder = EnterLongLimit(Open[0]+ TickSize*4,"LongEntry");
SetStopLoss("LongEntry",CalculationMode.Ticks,10,true);
SetProfitTarget("LongEntry",CalculationMode.Ticks,10);
}

If the price falls to a certain level I want to cancel the order if not filled is this the correct approach?

if(Close[0] < pricelevel)
{
CancelOrder(LongOrder);
}

even if order not filled?

[NinjaTrader_JoshP]

Note that your order will also auto cancel if you do not resubmit it on every single bar to keep it alive. Otherwise, yes it will cancel when your condition is met.

[mballagan]

limit order

Would the following line check that the order had not been filled:

LongOrder.OrderState != OrderState.Filled

Is it a good idea to add this when cancelling an order that hasnt yet been filled, but could be accepted, working?

[NinjaTrader_JoshP]

Before you can do any such check you need to check for null.

if (LongOrder != null && LongOrder.OrderState != OrderState.Filled && _____)
    CancelOrder(LongOrder);

You might as well check for OrderState != OrderState.Cancelled or PendingCancel too.

[mballagan]

limit order

I will put that into the code, thank you.